Parliamentary committee for not perpetuating remittance incentives

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The Parliamentary Standing Committee of the Ministry of Expatriate Welfare and Overseas Employment on Wednesday recommended that government incentives on remittances should be flexible rather than permanent to increase remittances to meet the challenges of the global labor market.

The Standing Committee of the 11th Parliament made the recommendation during its 17th meeting at the Jatiya Sangsad Bhaban.

The Center for Policy Dialogue (CPD) made a similar recommendation last month, saying there is no need to provide incentives to the garment industry and remittances.

The policy institute said the incentives are not a sustainable structure and should be given given the circumstances.

In order to encourage expatriates to send remittances through legal channels, the government is currently offering 2.5% remittance incentives. As the value of the dollar rises, expats are reaping the benefits of this initiative. As the taka continues to slide against the US currency, they are already receiving more money than before by sending a dollar earlier. In addition to this, they benefit from the additional financial incentive, which costs the government Tk 4,000 crore per year in subsidies.

Given the situation, the experts recommended suspending the remittance incentive facility for the time being.

Professor Mostafizur Rahman, a prominent member of the CPD, suggested last month giving incentives only to the investment, employment and production sectors.

“But I think there is no justification for giving remittance incentives at this time,” he said.

Meanwhile, the parliamentary standing committee also recommended on Wednesday to take the necessary measures to resolve the manpower crisis in the technical training centers under the Office of Manpower Employment and Training. with the aim of sending skilled workers abroad.

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